Formalisation of economy gradually picked up in May, EPF data shows

It seems formalisation of the economy is gradually picking up pace though it has not come back to the pre-Covid period. 

The net subscriber base of the employee provident fund, broadly taken as indicator of formalisation of the economy, stood at 318,789, three times the number in April. 

The May number was also more than the average monthly numbers in 2017-18 when it the data started to be compiled from September that year. 

However, there is a long way to go it to to come to the levels of average numbers of 2018-19 and 2019-20.